How can I remove an account closed by the grantor from my credit report?

[Anonymous]

Hello and thanks for looking at this post.

A few years ago, when I was new to the credit card game, I made a few bad decisions with a card that I had. It was originally a WaMu card that was converted over to a Chase card when WaMu was acquired by Chase. I had a card with a 2.5k limit on it and at the time I had a balance of roughly 2.2k. I missed a payment by a few hours and they jacked up my APR to a very high number in the ~25% range. After a few months the account was closed at the request of Chase, and I wound up paying off the full amount of debt within a few months. 

Fast forward to the present. I currently have a BOA Cash Rewards and Discover IT card with balances of 2.5k and 10k respectively. My scores across the board from all three credit bureaus are in the 750-770 range so I don't really have a problem with that, and other than the negative Chase account showing up on my reports everything else is pretty decent. 

What I would like to know is since that Chase account was closed in august of 2008 when can I expect or try to get that account off my current credit reports? I am kind of under the assumption that it is 7 years from the account being closed which would be August of 2015, but is there a way to get it off my credit reports earlier? Also how bad does it look to people checking my credit reports that it was closed by the grantor? I have been able to get credit cards and a car loan with great APR rates and limits.

Thank you for any help in advance!

[LS2982]

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@Anonymous wrote:

Hello and thanks for looking at this post.

A few years ago, when I was new to the credit card game, I made a few bad decisions with a card that I had. It was originally a WaMu card that was converted over to a Chase card when WaMu was acquired by Chase. I had a card with a 2.5k limit on it and at the time I had a balance of roughly 2.2k. I missed a payment by a few hours and they jacked up my APR to a very high number in the ~25% range. After a few months the account was closed at the request of Chase, and I wound up paying off the full amount of debt within a few months. 

Fast forward to the present. I currently have a BOA Cash Rewards and Discover IT card with balances of 2.5k and 10k respectively. My scores across the board from all three credit bureaus are in the 750-770 range so I don't really have a problem with that, and other than the negative Chase account showing up on my reports everything else is pretty decent. 

What I would like to know is since that Chase account was closed in august of 2008 when can I expect or try to get that account off my current credit reports? I am kind of under the assumption that it is 7 years from the account being closed which would be August of 2015, but is there a way to get it off my credit reports earlier? Also how bad does it look to people checking my credit reports that it was closed by the grantor? I have been able to get credit cards and a car loan with great APR rates and limits.

Thank you for any help in advance!

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Was the account in negative (delinquent) status when they closed it??

Is it a CO or just closed by grantor?

[myjourney]

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@Anonymous wrote:

Hello and thanks for looking at this post.

A few years ago, when I was new to the credit card game, I made a few bad decisions with a card that I had. It was originally a WaMu card that was converted over to a Chase card when WaMu was acquired by Chase. I had a card with a 2.5k limit on it and at the time I had a balance of roughly 2.2k. I missed a payment by a few hours and they jacked up my APR to a very high number in the ~25% range. After a few months the account was closed at the request of Chase, and I wound up paying off the full amount of debt within a few months. 

Fast forward to the present. I currently have a BOA Cash Rewards and Discover IT card with balances of 2.5k and 10k respectively. My scores across the board from all three credit bureaus are in the 750-770 range so I don't really have a problem with that, and other than the negative Chase account showing up on my reports everything else is pretty decent. 

What I would like to know is since that Chase account was closed in august of 2008 when can I expect or try to get that account off my current credit reports? I am kind of under the assumption that it is 7 years from the account being closed which would be August of 2015, but is there a way to get it off my credit reports earlier? Also how bad does it look to people checking my credit reports that it was closed by the grantor? I have been able to get credit cards and a car loan with great APR rates and limits.

Thank you for any help in advance!

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The time frame for reporting Aug 2015 is correct

You can try a GW to remove the one bad experience

Showing as closed by grantor has little to no effect on your CR

You can't really dispute the account because it is yours 

Hope this helps

[Anonymous]

This is what it shows on the myFICO site when I look at that account.

Also, when I look at my printed copy of my report, it says that the account will continue on record until June of 2023, I thought it was only 7 years?

[FinStar]

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@myjourney wrote:

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@Anonymous wrote:

Hello and thanks for looking at this post.

A few years ago, when I was new to the credit card game, I made a few bad decisions with a card that I had. It was originally a WaMu card that was converted over to a Chase card when WaMu was acquired by Chase. I had a card with a 2.5k limit on it and at the time I had a balance of roughly 2.2k. I missed a payment by a few hours and they jacked up my APR to a very high number in the ~25% range. After a few months the account was closed at the request of Chase, and I wound up paying off the full amount of debt within a few months. 

Fast forward to the present. I currently have a BOA Cash Rewards and Discover IT card with balances of 2.5k and 10k respectively. My scores across the board from all three credit bureaus are in the 750-770 range so I don't really have a problem with that, and other than the negative Chase account showing up on my reports everything else is pretty decent. 

What I would like to know is since that Chase account was closed in august of 2008 when can I expect or try to get that account off my current credit reports? I am kind of under the assumption that it is 7 years from the account being closed which would be August of 2015, but is there a way to get it off my credit reports earlier? Also how bad does it look to people checking my credit reports that it was closed by the grantor? I have been able to get credit cards and a car loan with great APR rates and limits.

Thank you for any help in advance!

---

The time frame for reporting Aug 2015 is correct

You can try a GW to remove the one bad experience

Showing as closed by grantor has little to no effect on your CR

You can't really dispute the account because it is yours 

Hope this helps

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+1

Since the account is reflecting accurately from a reporting perspective, it cannot be removed.  Any negative information (i.e. late payments or derogs) associated with that account would remain reported for 7 years from DOD.  If the account was closed in 2008, it would likely remain on record until 2018 (earlier or later depending on the CRA).

[Dubious]

This is not a negative account. It is a positive, closed account, so it will report for 10 years after closing. 

[myjourney]

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@Anonymous wrote:

This is what it shows on the myFICO site when I look at that account.

Also, when I look at my printed copy of my report, it says that the account will continue on record until June of 2023, I thought it was only 7 years?

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It reports for 10 years the account shows as paid satisfactorily no lates ....I don't understand ? Closed at credit grantor means nothing

[FinStar]

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@Anonymous wrote:

This is what it shows on the myFICO site when I look at that account.

Also, when I look at my printed copy of my report, it says that the account will continue on record until June of 2023, I thought it was only 7 years?

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This is based on the reported information from Experian and DOLA, so essentially 2023.

[Anonymous]

I think what the short version of what I was trying to ask was, does it look bad that it was closed by the grantor?

I was hit with the high APR after the late payment and a couple months later they closed the account, I'm guessing because the balance was so high and the APR was high as well is the reason they closed it at their discretion.

[myjourney]

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@Anonymous wrote:

I think what the short version of what I was trying to ask was, does it look bad that it was closed by the grantor? NO

I was hit with the high APR after the late payment and a couple months later they closed the account, I'm guessing because the balance was so high and the APR was high as well is the reason they closed it at their discretion.

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